APPOINTMENT OF RECEIVER OR LIQUIDATOR Sample Clauses

The Appointment of Receiver or Liquidator clause establishes the conditions under which a third party, such as a receiver or liquidator, may be appointed to take control of a party's assets or business operations, typically in the event of insolvency or financial distress. In practice, this clause outlines triggers like bankruptcy filings, court orders, or failure to pay debts, and specifies the rights and powers granted to the appointed receiver or liquidator, such as managing assets or distributing proceeds to creditors. Its core function is to provide a clear mechanism for protecting creditors' interests and ensuring orderly management or dissolution of assets when a party is unable to meet its financial obligations.
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APPOINTMENT OF RECEIVER OR LIQUIDATOR. It is hereby agreed and declared that in any case where a receiver, interim or permanent, and/or a preliminary liquidator and/or a liquidator in appointed for the Lessee and/or the Company, and/or a winding up order is made against it, and such appointment or order is not revoked within 90 days the fact of such appointment and/or the making of such order and the non revocation thereof within the said period of time shall constitute a fundamental breach of this Agreement. It is hereby expressly agreed that in such circumstances the validity of this Lease Agreement shall terminate, this Lease Agreement shall be deemed to have been rescinded with effect from the date of the appointment of such receiver and/or preliminary liquidator and/or liquidator and/or from the date that the said winding up order was made, and in connection therewith all the provisions that apply in a case of rescission of the Lease Agreement as specified in clause 48 below, shall have effect. Where the validity of the Lease Agreement has been terminated as a result of the appointment of a receiver and/or a preliminary liquidator and/or a liquidator of the Lessee or as a result of the making of a winding up order against the Lessee as aforesaid, then with effect from the date of such termination as aforesaid of the Lease Agreement neither the Lessee not the receiver, preliminary liquidator and/or liquidator shall have any further rights at all in the demised premises.
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APPOINTMENT OF RECEIVER OR LIQUIDATOR. An encumbrancer takes possession or an administrative or other receiver or an administrator is appointed of the whole or (in the reasonable opinion of the Debenture Trustee) any substantial part of the property, assets or revenues of the Issuer (as the case may be) and is not discharged within 90 (Ninety) days.
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APPOINTMENT OF RECEIVER OR LIQUIDATOR. A receiver or liquidator has been appointed or allowed to be appointed of all or any part of the undertaking of the Borrower.
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APPOINTMENT OF RECEIVER OR LIQUIDATOR. It is hereby stipulated and agreed between the parties that in the event of the appointment of a receiver to the Lessee, whether provisional or permanent, and/or a pre-liquidator and/or liquidator and/or should a winding up order have been granted against it, and should such aforesaid appointment or order not have been cancelled within 90 days, the very fact of such appointment and/or the grant of such order and the non cancellation thereof within the period of time set out above shall amount to a fundamental breach of this Agreement, and it is hereby expressly agreed that in such circumstances the validity of this Agreement shall lapse and neither the Lessee, the receiver, the pre-liquidator and/or liquidator shall have any further rights in and to the Premises (save for the right to take therefrom the Lessee's property found therein) and such receiver, pre- liquidator and/or liquidator shall be obliged to vacate the Premises and to restore possession thereof to the Company within the 90 days referred to above.
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APPOINTMENT OF RECEIVER OR LIQUIDATOR. It is hereby stipulated and agreed between the parties that in the event of the appointment of a receiver to the Lessee, whether provisional or permanent, and/or a pre-liquidator and/or liquidator and/or should a winding up order have been granted against it, and should such aforesaid appointment or order not have been cancelled within 90 days, the very fact of such appointment and/or the grant of such order and the non cancellation thereof within the period of time set out above shall amount to a fundamental breach of this Agreement, and it is hereby expressly agreed that in such circumstances the validity of this Agreement shall lapse and neither the Lessee, the receiver, the pre-liquidator and/or liquidator shall have any further rights in and to the Premises (save for the right to take therefrom the Lessee's property found therein) and such receiver, pre- liquidator and/or liquidator shall be obliged to vacate the Premises and to restore possession thereof to the Company within the 90 days referred to above.
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Related to APPOINTMENT OF RECEIVER OR LIQUIDATOR

  • Appointment of Receiver To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its payment, to take possession of all or any portion of the property and/or the business operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver.

  • Appointment of receivers and managers any administrative or other receiver is appointed anywhere of any Security Party or any part of its assets and/or undertaking or any other steps are taken to enforce any Encumbrance over all or any part of the assets of any Security Party; or

  • Appointment of a Receiver To the extent permitted by applicable law, if an Event of Default shall have occurred and be continuing, and the Equipment Notes either shall have been accelerated pursuant to Section 4.02 or have become due at maturity, Loan Trustee shall, as a matter of right, be entitled to the appointment of a receiver (who may be Loan Trustee or any successor or nominee thereof) for all or any part of the Collateral, whether such receivership be incidental to a proposed sale of the Collateral or the taking of possession thereof or otherwise, and, to the extent permitted by applicable law, Company hereby consents to the appointment of such a receiver and will not oppose any such appointment. Any receiver appointed for all or any part of the Collateral shall be entitled to exercise all the rights and powers of Loan Trustee with respect to the Collateral.

  • Involuntary Bankruptcy; Appointment of Receiver, Etc (a) A court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of its Material Subsidiaries in an involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law and is not stayed. (b) An involuntary case is commenced against the Borrower or any of its Material Subsidiaries under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over the Borrower or any of its Material Subsidiaries, or over all or a substantial part of its property, shall have been entered; or an interim receiver, trustee or other custodian of the Borrower or any of its Material Subsidiaries for all or a substantial part of the property of the Borrower or any of its Material Subsidiaries is involuntarily appointed; or a warrant of attachment, execution or similar process is issued against any substantial part of the property of the Borrower or any of its Material Subsidiaries; and the continuance of any such events in subpart (b) for 90 days unless dismissed, bonded or discharged.

  • Voluntary Bankruptcy; Appointment of Receiver, Etc (i) Holdings or any of its Subsidiaries shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Holdings or any of its Subsidiaries shall make any assignment for the benefit of creditors; or (ii) Holdings or any of its Subsidiaries shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Holdings or any of its Subsidiaries (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 8.1(f); or